The effect of option trading

Financial Innovation

Table 1 Summary statistics of firm characteristics

Variables	Mean	SD	Q1	Median	Q3
Panel A: Corporate policies
Investment measures
CapEx	0.058	0.061	0.020	0.039	0.073
R&D	0.049	0.088	0	0.007	0.065
Aqc	0.026	0.060	0	0	0.018
Total investment	0.145	0.112	0.066	0.118	0.194
Financing measures
Equity	0.046	0.135	0	0.005	0.020
Debt	0.013	0.086	− 0.015	0	0.027
Total financing	0.059	0.156	− 0.005	0.014	0.067
Payout measures
Dividend	0.012	0.022	0	0	0.015
Repurchase	0.022	0.041	0	0	0.025
Total payout	0.034	0.049	0	0.011	0.047
Change in cash holdings
∆Cash	− 0.006	0.151	− 0.043	0.002	0.043
Panel B: Option trading and control variables
Option volume	12.048	35.826	0.085	2.887	9.425
Dollar volume	30.164	118.56	1.202	4.961	18.845
Size	7.285	1.685	6.088	7.165	8.399
BM	0.515	0.448	0.240	0.402	0.646
Mom	0.038	0.341	− 0.140	0.049	0.218
ROA	0.007	0.177	− 0.004	0.046	0.087
Age	23.944	16.918	10	18	35
Leverage	0.478	0.215	0.311	0.487	0.632
CashFlow	0.008	0.174	− 0.002	0.046	0.086
Num	9.594	7.263	4	7	13
IO	0.443	0.359	0.003	0.477	0.774